SEACOR Marine Holdings Inc.
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
SMHI$8.75+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001193125-25-256420
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001690334-26-000008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 114 previous paragraphs and 95 current paragraphs.
38 unchanged; 45 reworded; 12 added; 31 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Cost Reduction Measures
Current report
During the fourth quarter of 2025, the Company initiated certain cost reduction measures to better align its operating expenses with the current state of the offshore marine industry, in general, and its business, in particular. These measures include a reduction of workforce, reorganization of the management structure and streamlining of operations. For the year ended December 31, 2025, the Company incurred one-time charges totaling $1.2 million related to severance charges arising from a reduction in workforce resulting in a decrease in annualized wages and benefits expenses of at least $3.9 million. Management continues to focus on optimizing the cost structure and regional footprint of the business to help maintain the Company’s competitiveness in the industry, improve its operating leverage and position itself to take advantage of market opportunities.
Current report
Operating Revenues. Charter revenues were $1.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.5 million higher for the Regional Core Fleet, which consists of 16 vessels, primarily due to higher average day rates of $18,841 in the Current Year Quarter compared to $17,931 in the Prior Year Quarter and higher utilization of 82% in the Current Year Quarter compared to 76% in the Prior Year Quarter. Charter revenues were $0.8 million lower due to the repositioning of two vessels out of the region subsequent to the Prior Year Quarter. Other marine services were $0.3 million lower primarily due to lower catering revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Current report
Operating Revenues. Charter revenues were $6.1 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.4 million lower for the Regional Core Fleet, which consists of ten vessels, due to lower utilization of 61% in the Current Year Quarter compared to 80% in the Prior Year Quarter and lower average day rates of $15,994 in the Current Year Quarter compared to $18,413 in the Prior Year Quarter. Charter revenues were $2.3 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.6 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. Other marine services were $0.3 million higher primarily due to higher catering revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Current report
Direct Operating Expenses. Direct operating expenses were $2.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.7 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.5 million higher due to the repositioning of vessels between geographic regions and $1.5 million lower due to net asset dispositions.
Current report
Operating Revenues. Charter revenues were $0.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.6 million lower for the Regional Core Fleet, which consists of six vessels, primarily due to lower utilization of 60% in the Current Year Quarter compared to 70% in the Prior Year Quarter and lower average day rates of $21,255 in the Current Year Quarter compared to $22,686 in the Prior Year Quarter. Charter revenues were $0.8 million higher due to the repositioning of two vessels into the region subsequent to the Prior Year Quarter. Other marine services were $1.4 million lower primarily due to lower mobilization revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Current report
Direct Operating Expenses. Direct operating expenses were $2.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.5 million higher due to the repositioning of vessels between geographic regions and $0.3 million higher for the Regional Core Fleet primarily due to the timing of certain repair expenditures.
Current report
Interest income. Interest income for the Current Year Quarter compared with the Prior Year Quarter was nearly flat.
Current report
capital expenditures were $6.1 million; and
Current report
capital expenditures were $20.8 million; and
Current report
the Company sold one liftboat and other equipment for net cash proceeds of $8.5 million, after transaction costs, for a gain of $5.8 million.
Current report
the Company made payments on long-term debt issuance costs of $0.4 million; and
Removed paragraphs (31)
Previous report
Securities Repurchase
Previous report
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the “Securities Repurchase”). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.
Previous report
On December 10, 2024, the Company completed the sale of two AHTS for total proceeds of $22.5 million and a gain of $15.6 million. This sale marked the Company’s exit from the AHTS asset class and a portion of the proceeds were used to partially fund the contract price for the newbuild PSVs described below. As of June 30, 2025, the Company managed one sold AHTS on behalf of the new owners. On April 12, 2025, the Company handed over the management of one of the two sold AHTS to the new owners. On July 2, 2025, the Company handed over the management of the second of the two sold AHTS to the new owners.
Previous report
Debt Refinancing, Maturity Extension and Newbuild Orders
Previous report
On November 27, 2024, SEACOR Marine, as parent guarantor, SEACOR Marine Foreign Holdings Inc. (“SMFH”), as borrower, and certain other wholly-owned subsidiaries of SEACOR Marine, as subsidiary guarantors, entered into a credit agreement providing for a senior secured term loan of up to $391.0 million (the “2024 SMFH Credit Facility” and such agreement, the “2024 SMFH Credit Agreement”) with an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee.
Previous report
The 2024 SMFH Credit Facility is divided into two tranches, Tranche A consists of up to $350.0 million and Tranche B consists of up to $41.0 million. Tranche A has been fully drawn with the proceeds used to, among other things, refinance $328.7 million of principal indebtedness under multiple debt facilities, including $203.7 million of secured indebtedness and $125.0 million of unsecured indebtedness due in 2026, inclusive of $35.0 million of convertible debt. $24.6 million of Tranche B remained undrawn as of September 30, 2025 with the proceeds available solely to finance up to 50% of the payments to Fujian Mawei Shipbuilding Ltd. with respect to the shipbuilding contracts for the construction of two PSVs with a contract price of $41.0 million per vessel. The remainder of the purchase price of the vessels will be paid through asset sale proceeds and cash on hand. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively. The 2024 SMFH Credit Facility matures in December 2029.
Previous report
At the Market Program
Previous report
On February 7, 2025, SEACOR Marine entered into an at-the-market offering program (“ATM Program”) pursuant to a sales agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), relating to the issuance and sale from time to time by SEACOR Marine, as principal or through the Sales Agent, of shares of Common Stock having an aggregate gross sales price of up to $25.0 million (the “ATM Shares”). The sale of the ATM Shares if any, under the Sales Agreement may be made in ordinary brokers’ transactions, to or through a market maker, on or through the NYSE, the existing trading market for the Common Stock, or any other market venue where the Common Stock may be traded, in the over-the-counter market, in privately negotiated transactions, or through a combination of any such methods of sale. The Sales Agent may also sell the ATM Shares by any other method permitted by law. Upon the execution and effectiveness of the Sales Agreement, the at-the-market offering program entered into with the Sales Agent in November of 2023 was terminated. No sales have been made under the Sales Agreement since it was entered into.
Previous report
Operating Revenues. Charter revenues were $7.7 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $5.3 million higher due to the repositioning of three vessels into the region subsequent to the Prior Year Nine Months. Charter revenues were $3.6 million higher for the Regional Core Fleet, which consists of eight vessels, due to higher average day rates of $26,093 in the Current Year Nine Months compared to $22,671 in the Prior Year Nine Months, and higher utilization of 43% in the Current Year Nine Months compared to 42% in the Prior Year Nine Months. Charter revenues were $1.2 million lower due to net asset dispositions.
Previous report
Direct Operating Expenses. Direct operating expenses were $0.6 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $10.0 million higher due to the repositioning of vessels between geographic regions offset by $5.8 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, which includes $0.6 million of standby costs incurred prior to the sale of the liftboats L/B Jill and L/B Robert, and $3.6 million lower due to net asset dispositions.
Previous report
Operating Revenues. Charter revenues were $6.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.7 million lower for the Regional Core Fleet, which consists of 18 vessels, primarily due to lower average day rates of $17,984 in the Current Year Quarter compared to $19,549 in the Prior Year Quarter and lower utilization of 75% in the Current Year Quarter compared to 83% in the Prior Year Quarter. Charter revenues were $0.9 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.9 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter. Other marine services were $2.3 million lower primarily due to lower mobilization revenues. As of September 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Previous report
Direct Operating Expenses. Direct operating expenses were $0.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $1.7 million lower due to net asset dispositions and $0.4 million lower due to the repositioning of vessels between geographic regions.
Previous report
Operating Revenues. Charter revenues were $8.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $5.6 million lower for the Regional Core Fleet, which consists of 17 vessels, primarily due to lower utilization of 74% in the Current Year Nine Months compared to 81% in the Prior Year Nine Months and lower average day rates of $18,282 in the Current Year Nine Months compared to $18,787 in the Prior Year Nine Months. Charter revenues were $3.7 million lower due to the disposition of three vessels subsequent to the Prior Year Nine Months. Charter revenues were $0.6 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Nine Months. Other marine services were $1.9 million lower primarily due to lower mobilization revenues.
Previous report
Operating Revenues. Charter revenues were $3.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.5 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower utilization of 67% in the Current Year Quarter compared to 73% in the Prior Year Quarter and lower average day rates of $17,956 in the Current Year Quarter compared to $19,680 in the Prior Year Quarter. Charter revenues were $1.8 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.5 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. As of September 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Previous report
Direct Operating Expenses. Direct operating expenses were $0.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.5 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.9 million higher due to the repositioning of vessels between geographic regions and $1.6 million lower due to net asset dispositions.
Previous report
Operating Revenues. Charter revenues were $10.3 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $5.2 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower average day rates of $17,241 in the Current Year Nine Months compared to $19,945 in the Prior Year Nine Months offset by higher utilization of 75% in the Current Year Nine Months compared to 73% in the Prior Year Nine Months. Charter revenues were $5.1 million lower due to the disposition of two vessels subsequent to the Prior Year Nine Months. Other marine services were $0.3 million lower primarily due to lower catering revenues.
Previous report
Direct Operating Expenses. Direct operating expenses were $1.2 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $5.3 million lower due to net asset dispositions, $3.6 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, and $0.5 million higher due to the repositioning of vessels between geographic regions.
Previous report
Operating Revenues. Charter revenues were $0.1 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.8 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter. Charter revenues were $2.7 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in the Current Year Quarter compared to 58% in the Prior Year Quarter and higher average day rates of $22,598 in the Current Year Quarter compared to $19,459 in the Prior Year Quarter. Other marine services were $0.4 million lower primarily due to lower mobilization and catering revenues. As of September 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Previous report
Direct Operating Expenses. Direct operating expenses were $4.0 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.2 million lower due to the repositioning of vessels between geographic regions and $1.8 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Previous report
Operating Revenues. Charter revenues were $10.2 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $18.2 million lower due to the repositioning of three vessels out of the region subsequent to the Prior Year Nine Months. Charter revenues were $8.0 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in the Current Year Nine Months compared to 61% in the Prior Year Nine Months and higher average day rates of $23,005 in the Current Year Nine Months compared to $19,002 in the Prior Year Nine Months. Other marine services were $2.4 million lower primarily due to lower catering revenues.
Previous report
Direct Operating Expenses. Direct operating expenses were $14.6 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $9.8 million lower due to the repositioning of vessels between geographic regions and $4.8 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Previous report
During the Current Year Nine Months, the Company sold one FSV and two PSVs, previously classified as held for sale, as well as three liftboats and other equipment not previously classified as suchfor net cash proceeds of $116.1 million, after transaction costs, and a gain of $55.2 million. During the Prior Year Nine Months, the Company sold one AHTS, previously classified as held for sale, andother equipmentfor net cash proceeds of $2.4 million, after transaction costs, and a gain of $1.9 million.
Previous report
Interest income. Interest income was lower for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months due to reduced cash balances held in interest bearing accounts.
Previous report
Gains on insurance claim settlement. Gains on insurance claim settlement during the Current Year Quarter and Current Year Nine Months were due to the Company entering into insurance claim settlements for a total of $12.1 million, of which $4.6 million was in excess of an insurance claim receivable of $7.5 million previously deferred with respect to the liftboat L/B Robert.
Previous report
capital expenditures were $40.4 million; and
Previous report
the Company soldone FSV and two PSVs, previously classified as held for sale, as well as three liftboats and other equipment not previously classified as such for net cash proceeds of $116.1 million, after transaction costs, and a gain of $55.2 million.
Previous report
capital expenditures were $4.3 million; and
Previous report
the Company received proceeds from the issuance of long-term debt of $15.8 million;
Previous report
the Company made payments for the repurchase of common stock of $7.1 million;
Previous report
the Company made payments for the repurchase of warrants of $6.7 million; and
Previous report
the Company received $0.1 million proceeds from the exercise of stock options; and
Reworded paragraphs (45)
Previous wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of September 30, 2025, the Company operated a diverse fleet of 45 support vessels, all of which were owned. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Current wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of March 31, 2026, the Company operated a fleet of 43 support vessels, of which all were owned. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Previous wording
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Mexico and Guyana. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Current wording
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Brazil, Mexico, Guyana, and Central and South America. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Previous wording
Offshore oil and natural gas market conditions are highly volatile. For example, oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the nine months ended September 30, 2025, WTI oil prices reached a high of $81 per barrel and a low of $57 per barrel, ending the period at $62 per barrel.
Current wording
Offshore oil and natural gas market conditions are highly volatile. For example, oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the three months ended March 31, 2026, WTI oil prices reached a high of $105 per barrel and a low of $56 per barrel, ending the period at $102 per barrel. Volatility of oil prices has increased with the onset of the conflict with Iran.
Previous wording
While the Company has experienced difficult market conditions over the past few years due to low and volatile oil and natural gas prices and the focus of oil and natural gas producing companies on cost and capital spending budget reductions, the increases since the lows experienced during the COVID-19 pandemic in oil and natural gas prices has led to an increase in utilization, day rates and customer inquiries about potential new charters.
Current wording
While the Company has experienced difficult market conditions over the past few years due to volatile oil and natural gas prices and the focus of oil and natural gas producing companies on cost and capital discipline, the increases since the lows experienced during the COVID-19 pandemic in oil and natural gas prices has led to an increase in utilization, day rates and customer inquiries about new projects.
Previous wording
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase as development of these forms of renewable energy expands.
Current wording
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for natural gas, particularly in the context of expanded power generation demand worldwide. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase to the extent that development of these forms of renewable energy expands.
Previous wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of September 30, 2025, one of the Company’s 45 owned vessels were cold-stacked worldwide.
Current wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related drydocking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of March 31, 2026, none of the Company’s 43 owned vessels were cold-stacked worldwide. In addition, the Company had five vessel classified as held for sale as of March 31, 2026.
Previous wording
On April 24, 2025, the Company completed the sale of one FSV built in 2009 for total proceeds of $4.6 million and a gain of approximately $3.0 million. Of these sale proceeds, approximately $3.8 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current wording
On February 24, 2026, the Company completed the sale of one 201 foot, DP-2 platform supply vessel(“PSV”) built in 2015 for total proceeds of $14.6 million for a gain of approximately $7.3 million. Approximately $11.3 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Previous wording
On April 7, 2025, the Company completed the sale of two 201 foot, DP-2 PSVs built in 2014 for total proceeds of $28.8 million and a gain of $16.1 million. Of these sale proceeds, approximately $12.9 million was used to complete the Securities Repurchase, and approximately $10.9 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current wording
On December 19, 2025, the Company completed the sale of one 201 foot, DP-2 platform supply vessel(“PSV”) built in 2013 for total proceeds of $13.4 million for a gain of approximately $8.1 million. Approximately $11.0 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Previous wording
On September 29, 2025, the Company completed the sale of the U.S. flag liftboat L/B Jill and the U.S. flag liftboat L/B Robert (together, the “Liftboat Sales”) for total proceeds of $76.0 million. In addition, concurrently with the closing of the Liftboat Sales, the Company sold certain uninstalled vessel equipment for total proceeds of $1.0 million (the “Equipment Sale”). After deducting transaction costs and expenses, the Company received net cash proceeds of $74.7 million and recognized a gain of $30.5 million for the Liftboat Sales and the Equipment Sale. None of the sale proceeds from the Liftboat Sales and the Equipment Sale are encumbered by the Company’s 2024 SMFH Credit Facility or required to be used to repay such facility.
Current wording
On September 29, 2025, the Company completed the sale of the U.S. flag liftboat LB Jill and the U.S. flag liftboat LB Robert (together, the “Liftboat Sales”) for total proceeds of $76.0 million. In addition, concurrently with the closing of the Liftboat Sales, the Company sold certain uninstalled vessel equipment for total proceeds of $1.0 million (the “Equipment Sale”). After deducting transaction costs and expenses, the Company received net cash proceeds of $74.7 million and recognized a gain of $30.5 million for the Liftboat Sales and the Equipment Sale. None of the sale proceeds from the Liftboat Sales and the Equipment Sale are encumbered by the Company’s 2024 SMFH Credit Facility or required to be used to repay such facility.
Previous wording
The sections below provide an analysis of the Company’s results of operations for the three and nine months (“Current Year Quarter” and “Current Year Nine Months”) ended September 30, 2025 compared with the three and nine months (“Prior Year Quarter” and “Prior Year Nine Months”) ended September 30, 2024. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2024, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Current wording
The sections below provide an analysis of the Company’s results of operations for the three months (“Current Year Quarter”) ended March 31, 2026 compared with the three months (“Prior Year Quarter”) ended March 31, 2025. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2025, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Previous wording
Total Assets by region does not include corporate assets of $107.1 million as of September 30, 2025.
Current wording
Total Assets by region does not include corporate assets of $73.7 million as of March 31, 2026.
Previous wording
Total Assets by region does not include corporate assets of $36.0 million as of September 30, 2024.
Current wording
Total Assets by region does not include corporate assets of $43.8 million as of March 31, 2025.
Previous wording
United States, primarily Gulf of America. For the three and nine months ended September 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit (loss) in the U.S. were as follows (in thousands, except statistics):
Current wording
United States, primarily Gulf of America. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):
Previous wording
Operating Revenues. Charter revenues were $3.4 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.2 million higher due to the repositioning of three vessels into the region subsequent to the Prior Year Quarter. Charter revenues were $0.7 million higher for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of seven vessels, due to higher average day rates of $24,094 in the Current Year Quarter compared to $17,605 in the Prior Year Quarter offset by lower utilization of 46% in the Current Year Quarter compared to 54% in the Prior Year Quarter. Charter revenues were $0.5 million lower due to net asset dispositions. As of September 30, 2025, the Company had one of eight owned vessels (one FSV) cold-stacked in this region compared with two of ten vessels (one liftboat and one FSV) as of September 30, 2024.
Current wording
Operating Revenues. Charter revenues were $4.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.6 million lower due to net asset dispositions and $1.0 million lower due to the repositioning of two vessels out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.9 million higher for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of three vessels, due to higher average day rates of $15,323 in the Current Year Quarter compared to $12,375 in the Prior Year Quarter and higher utilization of 31% in the Current Year Quarter compared to 9% in the Prior Year Quarter. As of March 31, 2026, the Company had no vessels cold-stacked in this region compared with one of 12 owned vessels (one FSV) as of March 31, 2025.
Previous wording
Direct Operating Expenses. Direct operating expenses were $2.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.4 million lower for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures, which includes $0.6 million of standby costs incurred prior to the sale of the liftboats L/B Jill and L/B Robert, and $1.0 million lower due to net asset dispositions. Direct operating expenses were $2.7 million higher due to the repositioning of vessels between geographic regions.
Current wording
Direct Operating Expenses. Direct operating expenses were $7.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $5.6 million lower due to net asset dispositions, $1.4 million lower due to the repositioning of vessels between geographic regions and $0.5 million lower for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures.
Previous wording
Africa and Europe. For the three and nine months ended September 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Current wording
Africa and Europe. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Previous wording
Direct Operating Expenses. Direct operating expenses were $3.8 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $8.1 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $3.3 million lower due to net asset dispositions and $1.0 million lower due to the repositioning of vessels between geographic regions.
Current wording
Direct Operating Expenses. Direct operating expenses were $2.4 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.4 million lower due to the repositioning of vessels between geographic regions and $1.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Previous wording
Middle East and Asia. For the three and nine months ended September 30, 2025 and 2024 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
Current wording
Middle East and Asia. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
Previous wording
Latin America (Brazil, Mexico, Central and South America). For the three and nine months ended September 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
Current wording
Latin America (Brazil, Mexico, Guyana, and Central and South America). For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
Previous wording
Lease Expense. Leased-in equipment expense for the Current Year Quarter and Current Year Nine Months was $0.1 million lower and $0.4 million lower compared to the Prior Year Quarter and Prior Year Nine Months due to having no leased-in vessels in the Current Year Quarter and Current Year Nine Months compared to one in the Prior Year Quarter and Prior Year Nine Months.
Current wording
Lease expense. Leased-in equipment expense for the Current Year Quarter was nearly flat compared to the Prior Year Quarter.
Previous wording
Administrative and general. Administrative and general expenses for the Current Year Quarter and Current Year Nine Months were $0.3 million higher and $0.9 million higher compared to the Prior Year Quarter and Prior Year Nine Months primarily due to increases in professional fees offset by decreases in wages and benefits expenses and decreases in allowance for credit losses.
Current wording
Administrative and general. Administrative and general expenses for the Current Year Quarter were $1.5 million lower compared to the Prior Year Quarter primarily due to decreases in wages and benefits expenses partially offset by increases in allowance for credit losses.
Previous wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Nine Months were $0.8 million lower and $1.7 million lower compared to the Prior Year Quarter and Prior Year Nine Months due to net fleet changes.
Current wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter were $2.5 million lower compared to the Prior Year Quarter due to net fleet changes.
Previous wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold two liftboatsand other equipmentfor net cash proceeds of $76.1 million, after transaction costs, and a gain of $30.2 million. During the Prior Year Quarter, the Company sold one AHTS, previously classified as held for sale, andother equipmentfor net cash proceeds of $2.3 million, after transaction costs, and a gain of $1.8 million.
Current wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one PSV, previously classified as held for sale, and other equipmentfor net cash proceeds of $12.8 million, after transaction costs, for a gain of $7.4 million. During the Prior Year Quarter, the Company sold one liftboat andother equipmentfor net cash proceeds of $8.5 million, after transaction costs, for a gain of $5.8 million.
Previous wording
For the three and nine months ended September 30, 2025 and 2024, the Company’s other income (expense) was as follows (in thousands):
Current wording
For the three months ended March 31, 2026 and 2025, the Company’s other income (expense) was as follows (in thousands):
Previous wording
Interest expense. Interest expense was lower in the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months primarily due to a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023.
Current wording
Interest expense. Interest expense was lower in the Current Year Quarter compared with the Prior Year Quarter primarily due to lower outstanding debt obligations on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum).
Previous wording
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter were nearly flat. Net derivative gains for the Current Year Nine Months compared with net derivative losses for the Prior Year Nine Months were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.
Current wording
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter decreased due to the Company no longer having an open forward currency exchange contract.
Previous wording
Foreign currency gains (losses), net. Net foreign currency gains for the Current Year Quarter compared with foreign currency losses in the Prior Year Quarter were primarily due to the strengthening of the U.S. dollar in relation to the pound sterling. Net foreign currency losses for the Current Year Nine Months compared with the Prior Year Nine Months increased primarily due to the weakening of the U.S. dollar in relation to the pound sterling.
Current wording
Foreign currency gains (losses), net. Net foreign currency gains for the Current Year Quarter compared with foreign currency losses in the Prior Year Quarter were primarily due to the strengthening of the U.S. dollar in relation to the pound sterling and the euro.
Previous wording
During the nine months ended September 30, 2025, the Company’s effective income tax rate of 149.6% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit for U.S. income tax purposes.
Current wording
During the three months ended March 31, 2026, the Company’s effective income tax rate of 16.2% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.
Previous wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.6 million lower and earnings for the Current Year Nine Months compared with the Prior Year Nine Months were $0.6 million higher due to the following changes in equity earnings (in thousands):
Current wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.8 million lower due to the following changes in equity earnings (in thousands):
Previous wording
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its 2024 SMFH Credit Facility. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s ATM Program, which has approximately $25.0 million of remaining sales capacity as of September 30, 2025. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
Current wording
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its 2024 SMFH Credit Facility. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s at-the-market offering program entered into on February 7, 2025 (the “ATM Program”), which has approximately $25.0 million of remaining sales capacity as of March 31, 2026. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
Previous wording
As of September 30, 2025 and September 30, 2024, the Company held balances of cash, cash equivalents and restricted cash totaling $108.2 million and $37.9 million, respectively.
Current wording
As of March 31, 2026 and March 31, 2025, the Company held balances of cash, cash equivalents and restricted cash totaling $75.4 million and $45.4 million, respectively.
Previous wording
As of September 30, 2025, the Company had outstanding debt of $341.9 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of September 30, 2025, are as follows (in thousands):
Current wording
As of March 31, 2026, the Company had outstanding debt of $327.4 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of March 31, 2026, are as follows (in thousands):
Previous wording
As of September 30, 2025, the Company had unfunded capital commitments of $54.5 million consisting of $51.3 million in respect of the construction of two PSVs, $2.0 million in respect of four hybrid battery power systems and $1.2 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $4.8 million is payable during 2025, $31.4 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility, previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two AHTS in the fourth quarter of 2024 was designated to make payments on the construction of two PSVs. In addition, during the second quarter of 2025, $3.8 million of the proceeds from the sale of one FSV and $10.9 million of the proceeds from the sale of two PSVs were also designated to make payments on the construction of the two PSVs. As of September 30, 2025, $16.6 million remained in a restricted account as a result of these transactions. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $16.4 million of this tranche was drawn as of September 30, 2025.
Current wording
As of March 31, 2026, the Company had unfunded capital commitments of $44.3 million consisting of $42.3 million in respect of the construction of two PSVs, $1.7 million in respect of two hybrid battery power systems and $0.3 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $26.1 million is payable during 2026 and the remainder is payable during 2027. As of March 31, 2026, $30.9 million remained in a restricted account designated to make payments on the construction of the two PSVs, of which $11.3 million were deposited during the first quarter of 2026 from the sale of one PSV, and the remainder from prior vessel sales, in accordance with the terms of the 2024 SMFH Credit Facility as previously described in the 2025 Annual Report. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $16.4 million of this tranche was drawn as of March 31, 2026, with the remaining $24.6 million of this tranche remaining undrawn and available.
Previous wording
The following is a summary of the Company’s cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following is a summary of the Company’s cash flows for the three months ended March 31, 2026 and 2025 (in thousands):
Previous wording
Cash flows used in operating activities was $24.2 million in the Current Year Nine Months, an increase of $5.4 million compared to $18.8 million in the Prior Year Nine Months due to changes in working capital, one-time insurance claim settlements and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Nine Months and Prior Year Nine Months were as follows (in thousands):
Current wording
Cash flows used in operating activities was $15.1 million in the Current Year Quarter, an increase of $3.6 million compared to $11.5 million in the Prior Year Quarter due to changes in working capital and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Quarter and Prior Year Quarter were as follows (in thousands):
Previous wording
During the Current Year Nine Months capitalized interest paid and included in the purchase of property and equipment was $1.5 million. During the Prior Year Nine Months, the Company paid no capitalized interest.
Current wording
During the Current Year Quarter capitalized interest paid and included in the purchase of property and equipment was $1.0 million. During the Prior Year Quarter, the Company paid no capitalized interest.
Previous wording
During the Current Year Nine Months, net cash provided by investing activities was $75.8 million, primarily as a result of the following:
Current wording
During the Current Year Quarter, net cash provided by investing activities was $6.7 million, primarily as a result of the following:
Previous wording
the Company sold one AHTS, previously classified as held for sale, and other equipment for net cash proceeds of $2.4 million, after transaction costs, and a gain of $1.9 million.
Current wording
the Company soldone PSV, previously classified as held for sale, and other equipment for net cash proceeds of $12.8 million, after transaction costs, for a gain of $7.4 million.
Previous wording
During the Prior Year Nine Months, net cash used in investing activities was $1.9 million, primarily as a result of the following:
Current wording
During the Prior Year Quarter, net cash used in investing activities was $12.3 million, primarily as a result of the following:
Previous wording
During the Current Year Nine Months, net cash used in financing activities was $19.5 million, primarily as a result of the following:
Current wording
During the Current Year Quarter, net cash used in financing activities was $9.2 million, primarily as a result of the following:
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